Good Neighbor Next Door

Home buyers want a ‘good deal’.   By my math the whole housing market is a good deal. But what about buying a home for 50% off? That’s not just a good deal, that’s a phenomenal one! 
 
If you don’t know about HUD’s Good Neighbor Next Door program, you should. The skinny is law enforcement officers, teachers, firemen and EMTs are eligible for this program. If you meet this criteria, the first step is putting in a bid to purchase a HUD foreclosure. 
 
The next step is obtaining a FHA loan for 50% of the list price. The remaining 50% is held as a silent second (no payments, no interest). If you occupy the home for at least three years, the silent second is forgiven.   Now that’s what I call instant equity!
 
If you fit into the program’s home buyer categories, or know someone who does, this is a program worth considering.   I am here to answer any questions you have so please call or email me.